Duplex with Wood
New
For Sale
$349,900
22339 Overlake Loop SE, Yelm, WA 98597
A gated-community duplex offers distinct two- and three-bedroom layouts with wood stoves in both residences.
Property Size974 SF
Price / SF$359.24
Days on Market2
Property Features for 22339 Overlake Loop SE
General Information
Standard status
Active
Size
974 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Amenities
wood stoves
gated community
hiking trails
heated pool
hot tub
parks
sport courts
Building Details
Year Built
1972
Listing Agency:
WILCOX REAL ESTATE
Listed By:
Charles and Janette Wilcox
(253) 256-1721
Source:
Wilcoxrealestatewa
Added: Sep 6
Last Checked: Sep 7 at 7:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WILCOX REAL ESTATE
Investment Insights
Based on property information with market context.
Located at 22339 Overlake Loop SE in Yelm, this duplex contains two residential units with different layouts: one offers three bedrooms and the other offers two. Each side includes a wood stove, providing an additional heating feature and a distinct interior amenity.
The property is within Clearwood, a gated community with access to wooded hiking trails, three lakes, a heated pool, hot tub, parks, barbecue areas, and sport courts. Recreational activities identified for the community include swimming, kayaking, and paddle boarding. JBLM is also noted as a commuting destination from the property.
The property is within Clearwood, a gated community with access to wooded hiking trails, three lakes, a heated pool, hot tub, parks, barbecue areas, and sport courts. Recreational activities identified for the community include swimming, kayaking, and paddle boarding. JBLM is also noted as a commuting destination from the property.
Key Highlights
- Duplex with two residential units
- Unit mix includes one 3‑bedroom side and one 2‑bedroom side
- Wood stoves installed in both residences
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,248
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$264,960
$265.0K
Cap Rate 7%
$189,257
$189.3K
Cap Rate 9%
$147,200
$147.2K
Market Conditions
NOI Build-Up for 974 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.9K $20.40/SF
− Vacancy
−$944 −$0.97/SF
EGI
$18.9K $19.43/SF
− OpEx
−$5.7K −$5.83/SF
NOI
$13.2K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$264,960
Cap Rate 7%
$189,257
Cap Rate 9%
$147,200
Alternative Uses
Best Use
Multifamily LT 5
$189.3K
$165.6K – $220.8K
NOI $13,248 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$174.5K
$152.7K – $203.6K
NOI $12,214 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$285.2K
$249.5K – $332.7K
NOI $19,963 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 98597, WA
27,233
Population
10,108
Households
2.7
Avg Household Size
35
Median Age
23%
College-Educated
91%
High-School Grad
111.0 sq mi
ZIP Area
245
Density / Sq Mi
$92,120
Median Household Income
$50,829
Median Earnings
$1,441
Median Rent
$423,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - A gated-community duplex offers distinct two- and three-bedroom layouts with wood stoves in both residences.
Where is this duplex located?
The property is located at 22339 Overlake Loop SE Yelm, WA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Duplex with two residential units; Unit mix includes one 3‑bedroom side and one 2‑bedroom side; Wood stoves installed in both residences
